Alexander & Baldwin Inc., which this week closed on the purchase of a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako for $39 million, plans to operate the property as industrial space for the foreseeable future.

“The investment in Kakaako Commerce Center expands our commercial portfolio focus on Hawaii,” Suzy Hollinger, spokeswoman for A&B, told PBN in an email this week. “Kakaako is an increasingly supply-constrained market given the conversion of commercial properties to residential development.”

“Kakaako is the California gold rush,” he told PBN. “That is where to place your money. I think it’s a stable asset that just has a great deal of opportunity now and in the future. The overall market for quality product is just extremely hard to find. There are right now, more buyers than sellers. Kakaako is really just the place to be.”

Located at 875 Waimanu St., the 204,000-square-foot center built in 1971 is home to roughly 45 tenants, including StorQuest Self Storage.

The property, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck, has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on this week.

Alexander & Baldwin Inc. has purchased a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako from a California real estate investment firm for $39 million, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said in a filing with the U.S. Securities and Exchange Commission on Monday that it had completed the acquisition of the 204,000-square-foot Kakaako Commerce Center, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck.

F&F Waimanu Associates LLC, which was formed by Fowler Property Acquisitions LLC, was formerly the owner of the property that has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center, which was built in 1971 at 875 Waimanu St., for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on Monday.

An A&B spokeswoman did not immediately respond to a message left by PBN on Monday inquiring about the company’s plans for the newly acquired property.

Alexander & Baldwin Inc. has purchased a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako from a California real estate investment firm for $39 million, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said in a filing with the U.S. Securities and Exchange Commission on Monday that it had completed the acquisition of the 204,000-square-foot Kakaako Commerce Center, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck.

F&F Waimanu Associates LLC, which was formed by Fowler Property Acquisitions LLC, was formerly the owner of the property that has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center, which was built in 1971 at 875 Waimanu St., for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on Monday.

An A&B spokeswoman did not immediately respond to a message left by PBN on Monday inquiring about the company’s plans for the newly acquired property.

HAWAII AMERICANA REALTY

For the past 14 years, Mark G. Howard has practiced his skills as a licensed Realtor in Santa Fe, New Mexico, Las Vegas, Nevada and now Principal Broker & President of 'Hawaii Americana Realty', in Honolulu, Hawaii. He has gained a competitive edge in the real estate market by earning his status as an Accredited Buyer’s Representative (ABR).